POET Technologies (NASDAQ:POET) Posts Earnings Results, Misses Estimates By $0.10 EPS

Key Points

• POET Technologies reported a quarterly loss of ($0.21) EPS, which missed analysts' expectations of ($0.11) by ($0.10).
• The company's stock price increased by 0.5% during trading, reaching $5.52, with a market capitalization of approximately $500.11 million.
• Analysts upgraded POET Technologies from a "strong sell" rating to a "hold" rating in May 2023, reflecting a potential change in investor sentiment.

POET Technologies (NASDAQ:POET - Get Free Report) announced its earnings results on Monday. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10), Zacks reports. POET Technologies had a negative return on equity of 141.43% and a negative net margin of 11,497.01%. The business had revenue of $0.27 million for the quarter, compared to analyst estimates of $0.39 million.

POET Technologies Stock Performance

Shares of NASDAQ POET traded down $0.08 during trading on Friday, hitting $5.01. 179,845 shares of the company were exchanged, compared to its average volume of 1,627,942. The firm has a market capitalization of $454.51 million, a PE ratio of -6.15 and a beta of 0.32. POET Technologies has a 12-month low of $2.63 and a 12-month high of $7.79. The company has a fifty day moving average price of $5.41 and a 200-day moving average price of $4.61.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded POET Technologies from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Institutional Trading of POET Technologies

A hedge fund recently bought a new stake in POET Technologies stock. Jump Financial LLC bought a new stake in POET Technologies Inc. (NASDAQ:POET - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 118,800 shares of the company's stock, valued at approximately $619,000. Jump Financial LLC owned approximately 0.13% of POET Technologies at the end of the most recent reporting period. Institutional investors and hedge funds own 1.99% of the company's stock.

About POET Technologies

POET Technologies Inc designs, develops, manufactures, and sells discrete and integrated opto-electronic solutions in Canada, the United States, Singapore, and China. It offers integration solutions based on the POET Optical Interposer, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques.